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(Solved): Question 6 [10] Illustrate the MR = MC rule for a monopoly and show why, over the short ru ...
![Question 6 [10]
Illustrate the MR = MC rule for a monopoly and show why, over the short run, it will always make economic pro](https://media.cheggcdn.com/study/f86/f86fb17d-1fb9-4a92-abc9-98ce9a5b92c2/image.jpg)
Question 6 [10] Illustrate the MR = MC rule for a monopoly and show why, over the short run, it will always make economic profit. List at least one (1) reason why economic profit is not necessarily always applicable over the long run.
Expert Answer
Illustrate MR = MC rule for the monopoly. A monopoly is a firm that is only the seller of the good, which runs the market on its own price . The monop